#Dubai rents drop by almost 15% in Q2, further declines expected, say Chestertons - Arabianbusiness

Dubai rents drop by almost 15% in Q2, further declines expected, say Chestertons - Arabianbusiness:

Average annual rents in some areas of Dubai declined by almost 15 percent in Q2, with real estate firm Chestertons forecasting further drops in the second half of the year.

According to the latest ‘Observer: Dubai Residential Report Q2 2020’, average apartment rents across Motor City and The Views saw the highest average declines of 14.8 percent and 13.2 percent, respectively. 


The Greens, Dubai Silicon Oasis, Dubai Sports City and Discovery Gardens all saw double-digit falls since Q2 2019, with rents for a one-bedroom unit falling to AED59,250, AED38,000, AED40,000, and AED45,000 per annum, respectively.

In terms of villas, the sharpest rental rate falls were witnessed across The Springs and The Meadows, as annual rents fell by 12.2 percent and 12.7 percent respectively, compared to Q2 2019, with a three-bedroom rent in The Meadows standing at AED165,000.